Wave analysis of the Forex market or Elliott wave principle is the type of technical analysis considering price to be similar to ebbs and flows. All price movements on the Forex market are subject to two types of waves:
- Impulse, or motive, phase – the waves which move price up or down (shown by digits)
- Correction phase: waves that respond to impulse (shown by letters).
| 2016 | EURUSD | GBPUSD | USDJPY |
| 27 May | The pair has probably started correction. At the moment, it is still in the initial stage of its development, so further price fluctuations are expected in a certain narrow range. Thus, it is better to abstain from trading now and wait for final formation of all impulse patternsm which probably had | Buyers have failed to update High, which led to an abrupt downward price movement. Perhaps, therefore, it was beginning of the wave [iii] of a descending impulse. Correctional wave [ii] is shaped as the plane. The wave [i] is a wedge that indicates a good downward movement in the near future. Anti | At the moment the pair probably continues correction within the frames of the wave ii of the emerging upward impulse. To finally complete development, this wave needs to make at least one drop, which may happen in the near future. Therefore, it is worthwhile to wait when it happens, and then the pri |
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